Saudi Arabia update

Yanbu petrochemical plant
Nabaa Industrial Development and Investment Company, Saudi Arabia and Mitsui and Company, Japan, have formed a joint venture with the intent to construct a petrochemical facility. The two companies are in the process of commissioning a feasibility study.

The complex will be constructed in Yanbu at cost of approximately US$ 20 billion. The plant will use crude oil as a feedstock to produce nearly 45 different petrochemical products. If the feasibility study provides positive returns the project is expected to be complete in 2019.

Saudi Aramco plans
The state owned firm Saudi Aramco has announced its spending plans for the next 5 years. The company intent to spend approximately US$ 120 billion on investments in the oil and petrochemical industries.

US$ 60 billion is to be spent in the oil sector and the remaining on branching in to petrochemicals. Saudi Aramco is the world’s biggest oil exporter and will now be working towards meeting Saudi Arabia’s gas demands and petrochemical needs.